EV RESOURCES LTD — Regulatory Filings 2019

Jul 15, 2019

311-313 Hay Street Subiaco, Western Australia 6008 T:+61 (0) 8 6489 0600 F: +61 (0) 8 9388 3701 www.jadarlithium.com.au

ASX

JADAR LITHIUM QUICK STATS

Jadar Lithium generates exciting results at Vranje South Lithium – Borate Project in Serbia

July 16, 2019

ASX Code: JDR Shares on Issue: 480.4 million Market Cap: $4.32 million Cash: $2.25m (at 31 Mar ‘19)

BOARD & MANAGEMENT

Highlights

• Assay results from detailed rock sampling program return elevated Lithium (Li) and Boron (B) values from Vranje South project, Serbia

• Results suggest that the basins are prospective for deposits related to strata bound ores of chemical precipitates

• XRD analyses confirm the presence of Hexahydrite (MgSO4.6H2O), an evaporate mineral which is indicative of a permissive geological setting

• Gravity data acquisition and interpretation provide encouraging results in regard to basin geometry and structure

• Regional magnetic data acquisition and interpretation indicate a magnetic anomaly of a potential volcanic source of Li and B

Non- Executive Chairman Mr Luke Martino

Non-Executive Directors Mr Steven Dellidis Mr Nicholas Sage Mr Stefan Müller

Company Secretary Ms Louisa Martino

ASSET PORTFOLIO

AUSTRIA

Weinebene

Luke Martino, Non-Executive Chairman of the Board, said “ The geochemical results of detailed sampling and geophysical data have demonstrated the validity of the exploration process and have greatly aided the understanding of the basin and indicating the potential of Vranje-South project to host Li – B mineralisation. The assay results from detailed sampling and geophysics data will aid in defining drilling targets to test defined anomalies. ”

(80% interest – ~28km[2] )

Eastern Alps Projects

(80% interest – ~37km[2] )

SERBIA

Cer

Jadar Lithium Limited (ASX: JDR) (“Jadar” or “the Company”) is pleased to provide an update on detailed sampling; acquisition and interpretation of regional gravity and magnetic survey data on the Vranje-South project in Serbia.

The objective of the latest field program was to determine the geometry of the sedimentary basin within the permit and to understand the sedimentary sequences which are associated with the elevated Lithium and Boron geochemical anomalies in more detail.

(100% interest - ~92.77km[2] )

Rekovac (100% interest - ~75.4km[2] )

Vranje-South (100% interest - ~90.44km[2] )

The field mapping and detailed sampling program focused on exposed sedimentary formations in an attempt to locate outcropping fine pelitic strata which are known to be favorable hosts for Li-B mineralisation. The samples were sent to the ALS laboratory in Bor, Serbia, where the samples were prepared and then forwarded to the ALS laboratory in Ireland for analysis of Lithium, Boron and associated elements.

The Company also acquired regional gravity and magnetic survey data from a local contractor who re-interpreted the data with the aim to outline underlying basin geometry and define the presence Calc-Alkaline volcanism that may be a source of mineral-bearing fluids.

With the conclusion of the above program, the Company is aiming to execute a scout drilling campaign in the near future.

Sampling

In total, 28 rock samples were collected and dispatched for geochemical analyses. The assays returned with elevated Li and B values with up to 430 ppm of boron and up to 180 ppm of lithium. The assay data also showed elevated As, Mg and K values which are indicative elements of an alkaline saline depositional environment. This suggests that the basin contains permissive sediments that may host deposits of stratabound ores of chemical precipitates.

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Figure 1 – Vranje South geology map with sampling positions and boron values

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Figure 2 – Vranje South geology map with sampling positions and lithium values

During the sampling program, the Company identified the presence of numerous efflorescence, a “wooly” appearance of fine white fibers within the project area. XRD analyses of sampled efflorescence returned with two detected evaporate minerals in the sample, Hexahydrite (MgSO4.6H2O) and Gypsum (CaSO4.2H2O).

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Figure 3 - White “wooly” looking efflorescence associated with fine pelitic sediments

Presence of those two minerals within the sedimentary basin is encouraging as it is suggesting that the depositional environment was alkaline saline. This is considered permissive for stratabound Lithium-Borate deposit.

Gravity Survey

The Company acquired regional gravity survey data from the local contractor “Vecom GEO doo”. This data was acquired to aid in defining basin geometry and deep-seated fault zones, which may have acted as a potential conduit for mineralizing fluids. The data has been combined with the surface sampling data and used to assist in defining drilling targets. The gravity method is a useful exploration tool to visualize the basin geometry and relative thickness of the sedimentary section through defining basin highs and lows. The gravity surveys were accomplished as grids with nominal station spacing of approximately 1000m.

The Vranje basin has an elongated shape demonstrating a north-south trend that parallels the regional tectonic Paleozoic extensional structures. Based upon the linear configuration, the sharp parallel gradients on both the north and the south sides and deep gravity low (blue) suggest parallel faulting of basement rocks formed the basin.

Sedimentation in the Vranje basin is composed of extensive lacustrine sediments. Due to the long trough geometry and steep, probably faulted flanks, it likely contains some components of interbedded clastic (sands). The overall grain size suggests quiet water deposition. Since it contains such a well-defined gravity closure from at least - 34.0 to - 42.0 mGal, there is almost certainly an early period of lacustrine sedimentary deposition when the basin was isolated from drainage.

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Figure 4 - Bouguer gravity image contoured at 1.0 mGal

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Figure 5 - Terrain corrected complete residual gravity image contoured at 0.2 mGal

Regional Magnetic Survey

The ground magnetic survey has been acquired to aid in defining the presence of “blind” (covered by hangingwall sediments) Calc – Alkaline volcanic formations that may be related to a spring emanation. The spring waters likely dispersed their elements broadly into the lake waters and only upon reaching appropriate cooling, pH and redox conditions provided favorable conditions for evaporate precipitation. The magnetic surveys were accomplished as grids with station spacing approximately at about 2000m.

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Figure 6 - Map of magnetic anomalies with 10 nT contour interval. The elevated values in the southern part of the license indicate a possible “blind” volcanics

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Figure 7 – Map indicating the interpreted depth and structure of the basin, which also indicates the possible presence of a “blind” volcanics

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Figure 8 – A-B interpretation cross section

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Figure 9 – C-D interpretation cross section

Vranje South Project Geology

Most of the exposed units within the license area are mapped as lake sediments consisting siltstone, claystone, coarse clastics, and volcanoclastic sediments and within the southeast corner the Paleozoic crystalline complex. The sedimentary units are sub-divided into four different sedimentary subsequences starting with volcanoclastic flows composed of andesite agglomerates, volcanic breccias, and tuffs discordantly overlaying the basement rocks. Volcanoclastic sediments overlaid by fluvial coarse clastic sediments composed of poorly sorted fanglomerates. The clastic sequences are exposed in the eastern part of the license area and represent the basal formation of fine pelitic strata which are exposed in the central and eastern portion of licenses. Pelitic sediments are represented by fine laminated to bedded clayey siltstone to laminated to bedded fine-grained sandstone. The youngest sediments mostly sandstones and siltstones are exposed in the western and northern portion of the license hiding perspective fine pelitic lake strata. The basement rocks are surrounding the Vranje basin have been mapped as various metamorphic Paleozoic rocks and older granitic intrusive.

About Vardar Zone

Pelitic sediments accumulated in several semi-interconnected basins along a geological trend that is now called the Vardar Zone (Figure 10). The Vardar Zone stretches from northern Iran to Bosnia and Herzegovina, where it appears to disappear at the edge of the Alpine formations. Basins along the long, narrow trend vary greatly in size, shape, and sedimentation. The Vardar zone was formed by the movement between two tectonic plate boundaries. This tectonic forces result in rhomboid-shaped - "pull apart" - basins between the more stable basin boundaries. The basins of interest are mapped as lacustrine and marine sediments.

Evaporate (Lithium – borate) deposits of the type being explored in Vardar zone are typically found in tectonically active zones associated with deep-seated faulting. The deposits occur in shallow water lacustrine and mudflat environments, usually accompanied by Calc - alkaline volcanics and tuffs.

In the Balkan region, borate and lithium mineral deposits and occurrences have been recognized in recent years. These occurrences have been barely tested, while lithium mineralisation was found associated with borates even more recently during drilling in the Jadar basin of Serbia. Beside Jadar deposit which is the world´s largest lithium - borate deposit, borates have been found in Pobrdje and Piskanja within the Jarandol deposit. Some of the world´s largest borate deposits were discovered as well within the Vardar zone. Kirka borax deposit in Turkey is the world´s largest deposit and it´s located central part of Vardar trend.

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Figure 10 – Position of the Vardar Zone

Planned activities

The Company continues to evaluate the Vranje South basin with the objective of defining drilling locations to test the anomalies generated to date.

ENDS

Further Enquiries

Luke Martino Non-Executive Chairman Tel: +61 8 6489 0600 E: luke@jadarlithium.com.au

Competent Person Statement

The information in this release that relates to Exploration Results is based on information prepared by Dr Thomas Unterweissacher, EurGeol, MAusIMM. Dr Unterweissacher is a licensed Professional Geoscientist registered with European Federation of Geologists and The Australasian Institute of Mining and Metallurgy based in Hochfilzen, Austria. European Federation of Geologists and The Australasian Institute of Mining and Metallurgy are a Joint Ore Reserves Committee (JORC) Code ‘Recognized Professional Organization’ (RPO). An RPO is an accredited organization to which the Competent Person (CP) under JORC Code Reporting Standards must belong in order to

report Exploration Results, Mineral Resources, or Ore Reserves through the ASX. Dr Unterweissacher has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Unterweissacher consents to the inclusion in the release of the matters based on their information in the form and context in which it appears. Dr Unterweissacher is a consultant to the Company and holds shares in Jadar Lithium Limited.

Disclaimer

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “potential(s)”and similar expressions are intended to identify forwardlooking statements. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the Company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forwardlooking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or nonoccurrence of any events.

Table 1 - Sampling list

Project	Sample ID	Easting	Northing	Rock Type	Modifiers	Azimuth/Dip	Reaction with HCL
Vranje South	48000	7585747	4696513	Tuff	Thick Bedded	190/42	No
Vranje South	48001	7582718	4694253	Clayey siltstone	Laminated	162/34	Weak
Vranje South	48002	7581312	4693918	Clayey siltstone	Laminated	130/22	Weak
Vranje South	48003	7581385	4693904	Clayey siltstone	Laminated	126/23	Weak
Vranje South	48004	7580177	4694725	Clayey fine-grained sandstone	Laminated to thin bedded	130/20	Strong
Vranje South	48005	7577715	4694288	Clayey siltstone	Laminated	206/11	Weak
Vranje South	48006	7576543	4698075	Clayey siltstone	Laminated	250/11	Weak
Vranje South	48007	7574645	4693456	Clayey sandstone	Laminated to thin bedded	334/11	Strong
Vranje South	48008	7575936	4693119	Clayey fine-grained sandstone	Laminated to thin bedded	334/6	Strong
Vranje South	48009	7576063	4692674	Clayey sandstone	Thin bedded	188/12	Strong
Vranje South	48010	7577046	4692659	Silty claystone	Laminated	160/27	No
Vranje South	48011	7577079	4692639	Clayey siltstone/sandstone	Laminated		Strong
Vranje South	48012	7577217	4692471	Clayey siltstone	Laminated to thin bedded	255/16	Strong
Vranje South	48013	7581364	4712259	Tuff	Sub welded
Vranje South	48014	7581361	4712261	Biotite tuff	Sub welded
Vranje South	48015	7573234	4707840	Marley siltstone	Laminated	350/10	Weak
Vranje South	48016	7581874	4693900	Fine grained sandstone	Thin bedded to laminated	175/22	Strong
Vranje South	48017	7580450	4693403	Clayey siltstone	Thin bedded to laminated	140/4	Weak
Vranje South	48018	7579894	4693354	Dolomitic siltstone	Laminated to thin bedded	188/5	No
Vranje South	48019	7579895	4693360	Clayey siltstone	Laminated		Strong
Vranje South	48020	7579638	4693885	Clayey siltstone	Thin bedded to laminated	192/2	Strong
Vranje South	48021	7579644	4693876	Dolomitic siltstone	Thin bedded		No
Vranje South	48022	7579194	4694438	Clayey siltstone	Thin bedded to laminated		Weak
Vranje South	48023	7578691	4695154	Clayey siltstone	Thin bedded to laminated		Weak
Vranje South	48024	7578098	4694558	Clayey siltstone	Thin bedded to laminated	168/8	Strong
Vranje South	48025	7577071	4695023	Clayey siltstone/sandstone	Thin to thick bedded	248/4	Strong
Vranje South	48026	7576344	4694867	Clayey siltstone	Thin bedded to laminated	20/4	Strong
Vranje South	48027	7581876	4723283	Very fine sandstone	Thin bedded to laminated	60/24	Strong

Table 2 – Assays results

SAMPLE ID	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a
	Ag	Al	As	Ba	Be	Bi	Ca	Cd	Co	Cr	Cu	Fe
	ppm	%	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm	ppm	%
48000	<1	1.49	10	130	<5	<10	0.67	<5	8	15	16	2.92
48001	<1	3.13	50	140	<5	10	3.35	<5	30	75	48	5.94
48002	<1	3.13	40	240	<5	<10	3.5	<5	21	68	39	4.19
48003	<1	3.17	80	430	<5	<10	6.76	<5	26	74	79	4.27
48004	<1	3.43	40	300	<5	<10	5.28	<5	22	85	40	4.36
48005	<1	3.83	10	200	<5	<10	3.32	<5	16	51	36	3.29
48006	<1	3.18	90	390	<5	<10	4.21	<5	16	59	31	3.64
48007	<1	3.77	50	270	<5	<10	3.05	<5	21	85	43	4.36
48008	<1	3.36	20	170	<5	<10	3.08	<5	19	86	47	4
48009	<1	3.58	160	170	<5	<10	4.11	<5	17	83	41	4.16
48010	<1	2.18	240	480	<5	<10	12.9	<5	10	55	25	4.4
48011	<1	3.72	20	290	<5	<10	4.72	<5	19	105	40	4.3
48012	<1	3.76	90	550	<5	<10	7.85	<5	19	95	38	4.11
48013	<1	2.55	10	1860	<5	<10	1.37	<5	<5	11	<5	1.37
48014	<1	2.26	10	550	<5	<10	1.01	<5	6	12	5	1.87
48015	<1	3.42	10	310	<5	10	4.61	<5	13	67	43	3.83
48016	<1	2.72	170	390	<5	<10	7.25	<5	18	70	33	4.21
48017	<1	3.46	70	260	<5	<10	3.34	<5	19	75	45	4.8
48018	<1	3.18	40	170	<5	<10	1.17	<5	21	73	56	4.75
48019	<1	4.51	40	160	<5	<10	2.4	<5	25	107	81	5.5
48020	<1	3.29	70	220	<5	<10	4.21	<5	19	74	48	4.58
48021	<1	2.54	70	180	<5	<10	1.21	<5	20	55	37	3.93
48022	<1	4.45	90	220	<5	<10	1.02	<5	34	91	79	6.51
48023	<1	3.5	60	300	<5	<10	4.37	<5	19	84	45	4.46
48024	<1	4.61	110	250	<5	<10	6.51	<5	24	64	54	3.75
48025	<1	3.64	30	280	<5	<10	3.03	<5	18	81	45	4.44
48026	<1	3.44	80	210	<5	<10	3.49	<5	19	73	43	4.3
48027	<1	2.24	70	70	<5	<10	0.33	<5	9	19	15	2.68

SAMPLE ID	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a
	Ga	Hg	K	La	Mg	Mn	Mo	Na	Ni	P	Pb	S
	ppm	ppm	%	ppm	%	ppm	ppm	%	ppm	ppm	ppm	%
48000	<50	<5	0.35	<50	0.64	830	<5	0.16	11	980	30	<0.05
48001	<50	<5	0.61	<50	2.12	880	<5	0.59	54	530	20	0.06
48002	<50	<5	0.85	<50	1.31	740	<5	0.05	73	690	30	<0.05
48003	<50	<5	0.67	<50	1.79	740	<5	0.14	77	600	20	<0.05
48004	<50	<5	0.69	<50	1.95	850	<5	0.28	84	550	30	<0.05

48005	<50	<5	0.82	<50	1.06	500	<5	1.26	41	590	30	<0.05
48006	<50	<5	1.06	<50	1.15	530	<5	0.21	46	9620	40	0.07
48007	<50	<5	0.99	<50	1.68	650	<5	0.36	87	650	30	<0.05
48008	<50	<5	0.84	<50	1.59	470	<5	0.13	94	540	40	<0.05
48009	<50	<5	0.65	<50	1.23	650	<5	0.76	90	600	30	<0.05
48010	<50	<5	0.46	<50	6.03	1430	<5	0.09	46	480	20	<0.05
48011	<50	<5	0.95	<50	2.06	790	<5	0.62	98	700	40	<0.05
48012	<50	<5	0.77	<50	2.82	1020	<5	1.48	93	6880	30	0.16
48013	<50	<5	1.01	<50	0.67	210	<5	0.11	5	1210	20	<0.05
48014	<50	<5	0.52	<50	0.78	420	<5	<0.05	11	1270	40	<0.05
48015	<50	<5	0.82	<50	2.65	920	<5	0.95	44	290	30	0.06
48016	<50	<5	0.46	<50	2.58	1040	<5	1.17	69	2130	30	0.2
48017	<50	<5	0.89	<50	1.61	890	<5	0.55	72	700	40	0.12
48018	<50	<5	0.81	<50	1.83	520	<5	0.09	46	830	<10	<0.05
48019	<50	<5	0.74	<50	2.04	430	<5	0.28	85	560	10	<0.05
48020	<50	<5	1.01	<50	1.2	720	<5	<0.05	79	590	30	<0.05
48021	<50	<5	0.66	<50	1.22	480	<5	0.2	49	740	20	<0.05
48022	<50	<5	0.65	<50	1.8	900	<5	<0.05	78	480	20	<0.05
48023	<50	<5	0.84	<50	1.34	830	<5	<0.05	89	540	30	<0.05
48024	<50	<5	0.91	<50	1.05	630	<5	1.01	66	640	50	0.05
48025	<50	<5	0.87	<50	1.4	430	<5	0.08	83	490	20	<0.05
48026	<50	<5	1.1	<50	1.39	570	<5	<0.05	70	720	30	<0.05
48027	<50	<5	0.42	<50	0.84	500	<5	<0.05	15	620	50	<0.05

SAMPLE ID	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a	ME- ICP41a
	Sb	Sc	Sr	Th	Ti	Tl	U	V	W	Zn	B	Li
	ppm	ppm	ppm	ppm	%	ppm	ppm	ppm	ppm	ppm	ppm	ppm
48000	10	6	50	<100	0.17	<50	<50	59	<50	60	<50	<50
48001	10	12	267	<100	0.09	<50	<50	130	<50	120	<50	140
48002	10	10	153	<100	0.06	<50	<50	72	<50	120	240	100
48003	<10	11	603	<100	0.06	<50	<50	88	<50	110	190	110
48004	10	10	324	<100	0.07	<50	<50	81	<50	100	120	170
48005	10	9	86	<100	0.08	<50	<50	70	<50	80	80	90
48006	40	12	617	<100	0.06	<50	<50	79	<50	110	430	140
48007	10	11	150	<100	0.08	<50	<50	77	<50	110	190	160
48008	10	10	116	<100	0.06	<50	<50	66	<50	100	170	120
48009	10	10	124	<100	0.06	<50	<50	72	<50	80	80	100
48010	10	7	1335	<100	<0.05	<50	<50	49	<50	50	220	110
48011	10	10	283	<100	0.07	<50	<50	72	<50	100	90	160
48012	10	13	1140	<100	0.08	<50	<50	76	<50	100	180	180
48013	<10	5	1250	<100	0.14	<50	<50	45	<50	20	<50	<50
48014	10	<5	201	<100	0.14	<50	<50	48	<50	20	<50	<50

48015	10	12	381	<100	0.07	<50	<50	69	<50	90	100	150
48016	10	16	713	<100	0.05	<50	<50	76	<50	70	110	110
48017	20	11	227	<100	0.08	<50	<50	81	<50	110	160	140
48018	10	11	100	<100	0.14	<50	<50	96	<50	90	<50	130
48019	10	14	110	<100	0.11	<50	<50	135	<50	110	<50	180
48020	10	10	135	<100	0.06	<50	<50	67	<50	80	250	100
48021	10	7	99	<100	0.12	<50	<50	65	<50	70	<50	90
48022	10	16	51	<100	0.08	<50	<50	126	<50	130	120	120
48023	<10	10	204	<100	0.06	<50	<50	71	<50	100	160	140
48024	10	12	115	<100	0.07	<50	<50	75	<50	90	120	130
48025	10	10	80	<100	0.06	<50	<50	71	<50	90	150	120
48026	10	10	132	<100	0.09	<50	<50	75	<50	90	190	110
48027	10	7	22	<100	<0.05	<50	<50	44	<50	110	<50	70

Figure 1 – Diffraction pattern with schematic representation of relative intensity of the present mineral phases in sample

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JORC Code, 2012 Edition Table 1. This table applies to Vranje South Exploration Project

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random	•	The rock chips samples were collected
techniques		chips, or specific specialised industry standard measurement		directly from fresh non weathered fine
		tools appropriate to the minerals under investigation, such as		pelitic sediments along exposed
		down hole gamma sondes, or handheld XRF instruments, etc).		outcrops.
		These examples should not be taken as limiting the broad	•	The samples were large enough to be
		meaning of sampling.		representative for sedimentary
	•	Include reference to measures taken to ensure sample		lithology, generally in the range 0.5-1
		representivity and the appropriate calibration of any		kg.
		measurement tools or systems used.	•	The sample isplaced into the sampling

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
	•	Aspects of the determination of mineralisation that are		container, which is labeled according to
		Material to the Public Report.		the attributed sample number.
	•	In cases where ‘industry standard’ work has been done this	•	All relevant information with regard to
		would be relatively simple (eg ‘reverse circulation drilling was		the outcrop was recorded.
		used to obtain 1 m samples from which 3 kg was pulverised to	•	Sample for XRD was taken from
		produce a 30 g charge for fire assay’). In other cases more		exposed efflorescence within
		explanation may be required, such as where there is coarse		sedimentary basin.
		gold that has inherent sampling problems. Unusual	•	Regional gravity survey stations were
		commodities or mineralisation types (eg submarine nodules)		accomplished within a grid with
		may warrant disclosure of detailed information.		nominal station spacing of about
				1000m. The reginal gravity data were
				acquired using a WORDEN gravity
				meter.
			•	Regional magnetic survey stations were
				accomplished within a grid with station
				spacing of about 2000m. The regional
				magnetic data was acquired using
				magnetometer which are measuring
				magnetic vertical component of the
				geomagnetic field.

JORC Code, 2012 Edition Table 1. This table applies to Vranje South Exploration Project

Section 1 Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels, random	•	The rock chips samples were collected
techniques		chips, or specific specialised industry standard		directly from fresh non weathered fine
		measurement tools appropriate to the minerals under		pelitic sediments along exposed
		investigation, such as down hole gamma sondes, or		outcrops.
		handheld XRF instruments, etc). These examples should	•	The samples were large enough to be
		not be taken as limiting the broad meaning of sampling.		representative for sedimentary
	•	Include reference to measures taken to ensure sample		lithology, generally in the range 0.5-1 kg.
		representivity and the appropriate calibration of any	•	The sample is placed into the sampling
		measurement tools or systems used.		container, which is labeled according to
	•	Aspects of the determination of mineralisation that are		the attributed sample number.
		Material to the Public Report.	•	All relevant information with regard to
	•	In cases where ‘industry standard’ work has been done		the outcrop was recorded.
		this would be relatively simple (eg ‘reverse circulation	•	Sample for XRD was taken from exposed
		drilling was used to obtain 1 m samples from which 3 kg		efflorescence within sedimentary basin.
		was pulverised to produce a 30 g charge for fire assay’).	•	Regional gravity survey stations were
		In other cases more explanation may be required, such as		accomplished within a grid with nominal
		where there is coarse gold that has inherent sampling		station spacing of about 1000m. The
		problems. Unusual commodities or mineralisation types		reginal gravity data were acquired using
		(eg submarine nodules) may warrant disclosure of		a WORDEN gravity meter.
		detailed information.	•	Regional magnetic survey stations were
				accomplished within a grid with station
				spacing of about 2000m. The regional
				magnetic data was acquired using
				magnetometer which are measuring
				magnetic vertical component of the
				geomagnetic field.
Drilling	•	Drill type (eg core, reverse circulation, open-hole	•	The Company did not conduct any
techniques		hammer, rotary air blast, auger, Bangka, sonic, etc) and		drilling activities to date.

Criteria			JORC Code explanation	JORC Code explanation	Commentary	Commentary
				details (eg core diameter, triple or standard tube, depth
				of diamond tails, face-sampling bit or other type,
				_whether core is oriented and if so, by what method, etc). _
Drill	sample		•	Method of recording and assessing core and chip sample	•	The release refers to results from
recovery				recoveries and results assessed.		surface sampling and geophysical
			•	Measures taken to maximise sample recovery and ensure		surveys; this section is not relevant to
				representative nature of the samples.		this release.
			•	Whether a relationship exists between sample recovery
				and grade and whether sample bias may have occurred
				due topreferential loss/gain of fine/coarse material.
Logging			•	Whether core and chip samples have been geologically	•	Information about sampling location,
				and geotechnically logged to a level of detail to support		rock type being sampled, attitude of
				appropriate Mineral Resource estimation, mining studies		sedimentary formation and reaction
				and metallurgical studies.		with HCL have been recorded in field
			•	Whether logging is qualitative or quantitative in nature.		book and transferred in Excel
				Core (or costean, channel, etc) photography.		spreadsheet subsequently.
			•	The total length and percentage of the relevant
				intersections logged.
Sub-sampling			•	If core, whether cut or sawn and whether quarter, half or	•	The samples have been prepared in ALS
techniques		and		all core taken.		laboratory in Bor, Serbia.
sample			•	If non-core, whether riffled, tube sampled, rotary split,	•	After drying samples have been crushed
preparation				etc and whether sampled wet or dry.		so that 70% pass 2mm. Approximately
			•	For all sample types, the nature, quality and		250g of crushed material have been
				appropriateness of the sample preparation technique.		divided using rotary splitter.
			•	Quality control procedures adopted for all sub-sampling	•	After splitting samples were pulverized
				stages to maximise representivity of samples.		down to 75µm.
			•	Measures taken to ensure that the sampling is	•	After sample preparation, sample pulps
				representative of the in situ material collected, including		have been sent to ALS laboratory in
				for instance results for field duplicate/second-half		Ireland for geochemical analyses.
				sampling.	•	No filed duplicates were collected during
			•	Whether sample sizes are appropriate to the grain size of		the sampling program.
				the material being sampled.	•	Internal lab duplicates were prepared by
						the laboratory to check the preparation
						process and the precision of the
						instrument determination.
Quality of assay			•	The nature, quality and appropriateness of the assaying	•	After sample preparation, sample pulps
data		and		and laboratory procedures used and whether the		were then analyzed High Grade Aqua
laboratory tests				technique is considered partial or total.		regia ICP-AES. The ALS method is ME-
			•	For geophysical tools, spectrometers, handheld XRF		ICP41a, comprising a standard suite of
				instruments, etc, the parameters used in determining the		35 elements including Li and B. The
				analysis including instrument make and model, reading		lower and upper detection range for Li
				times, calibrations factors applied and their derivation,		and B by this method are 50 ppm and
				etc.		50,000 ppm respectively.
			•	Nature of quality control procedures adopted (eg	•	ALS utilized standard internal quality
				standards, blanks, duplicates, external laboratory checks)		control measures including the use of
				and whether acceptable levels of accuracy (ie lack of		certified lithium standards, blanks and
				bias) and precision have been established.		duplicates.
					•	One sample has been sent for mineral
						determination by XRD. The sample has
						been analysed by mineralogy
						department at Belgrade University.
					•	Acquired regional gravity and magnetic
						survey was undertaken by Yugoslav
						geological survey during 80´s. There is
						no detail information aboutquality

Criteria	Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
						control from that time, but the data
						provider stated that data have been
						checked in recent years and that there is
						no significant deviation observed.
Verification		of	•	The verification of significant intersections by either	•	No verification performed at this stage.
sampling		and		independent or alternative company personnel.	•	Assay data received from the lab is
assaying			•	The use of twinned holes.		imported into the database.
			•	Documentation of primary data, data entry procedures,	•	No adjustment to assays data being
				data verification, data storage (physical and electronic)		applied.
				protocols.
			•	Discuss any adjustment to assay data.
Location		of	•	Accuracy and quality of surveys used to locate drill holes	•	km = kilometer; m = meter; mm =
data	points			(collar and down-hole surveys), trenches, mine workings		millimeter
				and other locations used in Mineral Resource estimation.	•	Samples were located using handheld
			•	Specification of the grid system used.		GPS with an expected accuracy of +/-5m.
			•	Quality and adequacy of topographic control.	•	At that time the coordinates of the
						points were determined from the
						topographic maps 1: 10000 scale where
						1 mm on the map corresponds to 10 m
						in nature. Elevation have been surveyed
						by tacheometry and levelling
						instruments.
					•	All sampling and geophysics survey
						coordinates are tied into the state
						triangulation network and provided in
						the Serbian Gauss Kruger co-ordinate
						system.
Data	spacing		•	Data spacing for reporting of Exploration Results.	•	No regular spacing was used. The
and distribution			•	Whether the data spacing and distribution is sufficient to		samples were collected from restricted
				establish the degree of geological and grade continuity		outcrops.
				appropriate for the Mineral Resource and Ore Reserve	•	The geophysics survey involved
				estimation procedure(s) and classifications applied.		acquisition of regional gravity and
			•	Whether sample compositing has been applied.		magnetic data with spacing of about
						1000m for gravity and 2000m for
						magnetic survey.
					•	The data spacing and distribution is not
						sufficient to establish the degree of
						geological and grade continuity
						appropriate for Mineral Resource
						estimation purposes.
					•	No compositing applied.
Orientation		of	•	Whether the orientation of sampling achieves unbiased	•	The samples were taken directly from
data	in relation			sampling of possible structures and the extent to which		outcropping fine pelitic sedimentary
to	geological			this is known, considering the deposit type.		strata to represent potential hosts of
structure			•	If the relationship between the drilling orientation and		mineralisation that the Company is
				the orientation of key mineralised structures is		looking for.
				considered to have introduced a sampling bias, this
				should be assessed and reported if material.
Sample security			•	The measures taken to ensure sample security.	•	Company geologist supervises all
						sampling and subsequent storage in
						field.
Audits		or	•	The results of any audits or reviews of sampling	•	There have not been any audits.

Criteria	JORC Code explanation	Commentary
reviews	techniques and data.

Section 2 Reporting of Exploration Results

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral		•	Type, reference name/number, location and ownership	•	Centurion Metals DOO, a 100% owned
tenement and			including agreements or material issues with third		subsidiary of Jadar resources LTD, is a
land	tenure		parties such as joint ventures, partnerships, overriding		100% holder of Vranje South mineral
status			royalties, native title interests, historical sites, wilderness		exploration license (License # 2225).
			or national park and environmental settings.		The license is located in south Serbia.
		•	The security of the tenure held at the time of reporting	•	At time of reporting the Company
			along with any known impediments to obtaining a		license is in good standing and the
			licence to operate in the area.		Company plans to comply with all
					provisions relating to the Serbian
					mining law.
Exploration		•	Acknowledgment and appraisal of exploration by other	•	Historical work has been conducted on
done by other			parties.		the Vranje-South project area by
parties					various Serbian and Yugoslav state
					geological agencies.
				•	There is no available information that
					any previous exploration work has
					been done related to the type and stile
					of mineralisation that Jadar Lithium is
					looking for.
Geology		•	Deposit type, geological setting and style of	•	Evaporate (Lithium – borate) deposits
			mineralisation.		of the type being explored in Vardar
					zone are typically found in tectonically
					active zones associated with deep-
					seated faulting. The deposits occur in
					shallow water lacustrine and mudflat
					environments, usually accompanied by
					volcanic and tuffs, or indications of
					spring or spring apron accumulations -
					travertine. The deposit model currently
					being used is Jadar deposit and it is a
					borate deposit with relatively high
					lithium content. The published Jadar
					deposit resource are 135.7 million tons
					of jadarite ore grading 15.4% B2O3 and
					1.86% Li2O.
Drill	hole	•	A summary of all information material to the	•	No drilling undertaken.
Information			understanding of the exploration results including a
			tabulation of the following information for all Material
			drill holes:
			o easting and northing of the drill hole collar
			o elevation or RL (Reduced Level – elevation above sea
			level in metres) of the drill hole collar
			o dip and azimuth of the hole
			o down hole length and interception depth
			o hole length.
		•	If the exclusion of this information is justified on the basis
			that the information is not Material and this exclusion
			does not detract from the understanding of the report,
			the Competent Person should clearly explain why this is

Criteria		JORC Code explanation	JORC Code explanation	Commentary	Commentary
			the case.
Data		•	In reporting Exploration Results, weighting averaging	•	No data aggregation done.
aggregation			techniques, maximum and/or minimum grade
methods			truncations (eg cutting of high grades) and cut-off grades
			are usually Material and should be stated.
		•	Where aggregate intercepts incorporate short lengths of
			high grade results and longer lengths of low grade
			results, the procedure used for such aggregation should
			be stated and some typical examples of such
			aggregations should be shown in detail.
		•	The assumptions used for any reporting of metal
			equivalent values should be clearly stated.
Relationship		•	These relationships are particularly important in the	•	As the geochemical results reported
between			reporting of Exploration Results.		here that were collected by Jadar
mineralisation		•	If the geometry of the mineralisation with respect to the		Lithium are from surface, any potential
widths	and		drill hole angle is known, its nature should be reported.		depths of mineralisation or
intercept		•	If it is not known and only the down hole lengths are		orientations can only be inferred from
lengths			reported, there should be a clear statement to this effect		geological observations on the surface
			(eg ‘down hole length, true width not known’).		and hence are speculative in nature.
Diagrams		•	Appropriate maps and sections (with scales) and	•	Maps and diagrams are part of this
			tabulations of intercepts should be included for any		report. See Report maps.
			significant discovery being reported These should
			include, but not be limited to a plan view of drill hole
			collar locations and appropriate sectional views.
Balanced		•	Where comprehensive reporting of all Exploration	•	The reporting here covers the area of
reporting			Results is not practicable, representative reporting of		the Company’s current focus. Further
			both low and high grades and/or widths should be		data analysis and interpretation may
			practiced to avoid misleading reporting of Exploration		result in the definition of drilling
			Results.		targets.
Other		•	Other exploration data, if meaningful and material,	•	The Company acquired historic gravity
substantive			should be reported including (but not limited to):		and ground magnetic survey data from
exploration			geological observations; geophysical survey results;		local contractor.
data			geochemical survey results; bulk samples – size and	•	Gravity readings taken and recorded in
			method of treatment; metallurgical test results; bulk		the field go through several processing
			density, groundwater, geotechnical and rock		steps to generate absolute gravity
			characteristics; potential deleterious or contaminating		values. These steps include: converting
			substances.		the meter reading to milligals (using
					the calibration tables unique to each
					meter) and referencing them to the
					gravity base value, correcting for solar
					and lunar tides and meter drift, and
					correcting for height of the meter
					above ground level. Absolute gravity
					(also known as observed gravity) values
					represent the change in the strength of
					gravity due to changes in: latitude,
					elevation, earth density and terrain
					effects. Accuracy of gravimeter was -
					0.1mGal.
				•	The vertical component of the
					geomagnetic field was converted into a
					total vector by a special mathematical
					method taking into account the
					magnetic inclination and declination as
					well as the calculation of the normal

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				geomagnetic field. The accuracy of the
				magnetometer at that time was 5 nT.
Further work	•	The nature and scale of planned further work (eg tests	•	Given the rapid advance of the
		for lateral extensions or depth extensions or large-scale		multidisciplinary exploration program
		step-out drilling).		currently underway, the Company
	•	Diagrams clearly highlighting the areas of possible		expects the exploration drilling
		extensions, including the main geological interpretations		program to be initiated in 2H 2019.
		and future drilling areas, provided this information is not
		commercially sensitive.